Simran Preet Panesar, a key accused in Canada’s largest gold heist, is now being investigated by India’s Enforcement Directorate (ED) for allegedly receiving illicit hawala payments totaling more than ₹8.5 crore after arriving in India. The development adds a cross-border dimension to the $20 million gold robbery that stunned Canadian authorities in April 2023.

Panesar, a former Air Canada employee, is believed to have played a central role in the theft of over 6,600 gold bars—about 400 kg—from Toronto’s Pearson International Airport. Canadian investigators allege that he manipulated airline systems to help divert the high-value cargo shipment, setting the stage for the dramatic theft.

Following the incident, Panesar is reported to have fled to India, where he was later tracked to a rented flat on the outskirts of Chandigarh. The ED launched a probe under the Prevention of Money Laundering Act (PMLA) and conducted multiple raids earlier this year, citing the cross-border flow of illicit funds as grounds for action.

According to ED sources, digital evidence retrieved from Panesar’s seized mobile phone led authorities to uncover suspected hawala payments made shortly after his arrival in Mohali. The trail points to a Chandigarh-based operator—now absconding—who is believed to have funneled large sums of money through illegal channels.

During the raids, investigators also recovered handwritten diaries from the operator’s associates, containing records of transactions linked to foreign jurisdictions including Canada, the US, UK, Australia, and Singapore. The entries indicate that significant amounts were routed into India between November 2023 and February 2025, though investigators are still working to confirm whether the funds are directly tied to the gold robbery.

Sources say the hawala network used a medical store and a money exchange agency as fronts to disguise the movement of funds. The ED has since issued a Look Out Circular (LOC) against Panesar to prevent any attempt to leave the country.

Meanwhile, Panesar’s legal team has approached the Punjab and Haryana High Court, challenging the ED’s actions on grounds of jurisdiction. His lawyers argue that since no part of the heist occurred on Indian soil and no formal extradition or legal cooperation request has been received from Canadian authorities, Indian agencies lack grounds for action.

Panesar is among nine individuals charged by Canadian police in connection with the high-profile theft. He has been identified by Canadian investigators as a key orchestrator—described as being “on top of the food chain” in the heist’s planning and execution.

As the probe deepens, the ED’s immediate focus is on locating the main hawala operator and establishing the origins of the seized funds. Coordination with international law enforcement agencies is expected to intensify in the coming weeks.

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